Estate planning provides your family with a more comprehensive understanding of what you would like do in the wake of your death. This can be particularly beneficial if you have own a business, want to donate a portion of your assets to charity, or have specific requests regarding various aspects of your health and property. An estate plan can also be beneficial if you are concerned that your requests might be ignored or that your assets will not be given to the correct people. If your children are not old enough or mature enough to inherit your assets upon your passing, an estate plan can establish a trust that will give them access to those assets when they are ready.
Will planning can be a relatively simple process that involves creating a last will and testament. Your will can dictate who should take care of your children after your death, who should take over your business if you have one, who receives your assets, and other property-related wishes. Your last will and testament will also require the appointment of an executor, who will be responsible for ensuring that all of the instructions left in your will are followed. Creating a will helps your family avoid disputes over your property and makes legal decisions after your death easier. It can also help save them money, because if no will is left, your family will have to pay attorneys and rely on a public trustee to execute your will properly.
Will planning and Estate planning are one and the same. While the terms may seem interchangeable, they are actually very different processes. Both provide your relatives with instructions about how your property should be handled after your death, but estate planning goes even further to outline your wishes regarding your health, finances, and more, even while you’re living. An estate planning lawyer or expert can help you determine what type of planning you need and can assist you with creating all of the documents necessary for a comprehensive estate plan that will easily and accurately distribute your property and more after your death.